Emerging Market Debt Blend Is a Strategy of Public Fixed Income Assets

Emerging Market Debt - Blend December 31, 2020

Inception Date OUR STRENGTHS November 1, 2006 We believe our key competitive strengths are:

Total Strategy Assets1 • People — Our platform is truly global. We have long-term experience in $2,617.8 million Emerging Markets, navigating through economic cycles and changing market conditions. Our global credit research team provides local coverage and knowledge of relevant emerging markets. Portfolio Managers • Philosophy — We believe emerging markets securities are frequently Todd Howard, CFA mispriced based on their exposure to country, currency and credit risk. Scott Moses, CFA • Process — The portfolio construction process blends a top-down country view with a focused bottom-up security selection. Fluid communication among team Strategy Vehicles members facilitates continuous idea generation. • Separately Managed Account • Size —Our size helps ensure there is sufficient diversification at the portfolio • Collective Investment Trust (CIT) level, combined with our ability to source new issue allocations around the • Commingled Fund globe, and remain sufficiently nimble to reposition the portfolio as market opportunities arise. Benchmark2 35% JP Morgan EMBI Global Index, 35% JP Morgan CEMBI Broad PHILOSOPHY AND PROCESS Diversified Index, and 30% JP We believe emerging market securities are frequently mispriced based Morgan GBI-EM Diversified Global on their exposure to country, currency, and credit risk. Index We seek to exploit inefficiencies in the market and provide clients with excess returns to the benchmark by: 3 Typical Targets • Conducting proprietary, in-depth fundamental sovereign and corporate research Alpha (bps) 200 • Focusing on global relative value across the credit spectrum • Constructing diversified portfolios with attractive risk / reward Tracking Error (bps) 150 – 300 characteristics • Utilizing both US dollar and non-dollar securities

USD Sovereign / Quasi- ALPHA DRIVERS 35 – 60 Sovereign (%) • Focus on security selection, currency selection and country selection as the primary sources of alpha. Corporates (%) 25 – 50 • Seek excess returns to the benchmark by applying bottom-up security selection within a framework that provides a top-down macroeconomic Non-U.S. Dollar EM (%) 15 – 50 overlay. • Believe in the ability to turn the portfolio over to source new ideas at Cash (%) 0 – 10 attractive levels and aim to exit positions with rich valuations. • Find opportunities that are attractive on a global basis.

1. Stated at estimated fair value (unaudited). Emerging Market Debt Blend is a strategy of public fixed income assets. Total Strategy Assets for Emerging Market Debt Blend include all assets managed by MIM in the Emerging Market Debt Blend strategy and may include certain assets that are not included in Composite Assets (as presented in GIPS® Composite Statistics and Performance table on the following page) for Emerging Market Debt Blend. 2. Please see the full GIPS® disclosures at the end of this document. 3. Any portfolio targets and/or limits are used to illustrate the Investment Manager’s current intentions and may be subject to change without notice. Target Alpha is an investment objective and not a promise of future results or performance. This target is considered gross of fees and over a 3 to 5 year time horizon under normal market conditions. There can be no assurance that a portfolio will achieve its target alpha. COMPOSITE PERFORMANCE (%)1

EMD-Blend 10 (Gross of Fees) 8 EMD-Blend 6 (Net of Fees) 4 EMD Custom Index 2

0 4Q20 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception

Since 4Q20 1 Year 3 Years 5 Years 7 Years 10 Years Inception EMD Blend (Gross of fees) 8.80 7.23 4.90 8.46 6.01 6.80 8.87 EMD Blend (Net of fees) 8.67 6.70 4.38 7.93 5.49 6.27 8.28 EMD Custom Index2 6.35 5.45 4.80 6.98 4.89 5.31 6.14

RELATIVE PERFORMANCE (GROSS OF FEES)3

Emerging Market Debt (Gross of Fees)

EMD Custom Index

Universe: eVestment Global Emerging Market Fixed Income – Blended Currency

1. Past performance is not indicative of future results. Net of fee returns reflect the deduction of investment advisory fees and are calculated in the same manner as gross of fee returns. Net of fee returns are calculated using the highest fee rate disclosed in the Form ADV. Fees for separate accounts may be negotiable depending upon asset size and type of account. 2. Effective July 1, 2014, the performance benchmark for the Emerging Market Debt (“EMD”) composite is the Emerging Markets Blended Index, which is comprised of 35% JP Morgan EMBI Global Index, 35% JP Morgan CEMBI Broad Diversified Index, and 30% JP Morgan GBI-EM Global Diversified Index. From inception of the composite to June 30, 2014, the benchmark was the JP Morgan Emerging Market Bond Index Global Index. For additional benchmark disclosure, please see the full GIPS® disclosures at the end of this Presentation. 3. The eVestment Universe ranking is calculated by eVestment using investment performance returns gross of fees and strategy descriptions self-reported by participating investment managers and are not are not verified or guaranteed by eVestment. eVestment defines each Universe and selects the participating managers for the Universe it determines have similar investment strategies. The Universe ranking uses gross performance as manager fees may vary so that returns will be reduced when advisory fees are deducted. Performance returns for periods greater than one year are annualized. Additional information regarding net performance rankings is available upon request. The reports of the Universe percentile ranks were sourced on October 22, 2020 and represent 94% of the reported eVestment Emerging Markets Fixed Income Blended Currecy Universe as of that date. MIM has not verified and cannot verify the information from outside sources. QUARTERLY PERFORMANCE ATTRIBUTION • The strategy outperformed the index during the • Local currency rallied this quarter due to a variety of quarter. weak dollar themes further supported with the risk-on appetite after the US election. Positive idiosyncratic • Security selection among corporates, sovereigns, and country factors and valuations attracted significant local currency drove performance in the fourth quarter. capital inflows into the large local currency markets. The overweight in higher quality Latin American Choosing to own Euro denominated bonds in place of corporates produced positive returns. lower yielding CEE currencies also proved to be a • The metals and mining sector continued to produce positive contributor. Underweight positioning in select solid results over the quarter, positively contributing to high beta currencies detracted from performance the portfolio’s returns. The portfolio’s underweight during the rally. positioning to hotels and casinos detracted with the industry performing well on vaccine news and demand for yield in the market. • High yield countries outperformed this quarter. Overall support from the IMF to countries impacted by COVID- 19 helped higher beta countries rally with the risk-on appetite. Quasi-sovereigns that continue to be well supported by their parent also performed well, while countries that continued to stall with IMF discussions were negative contributors. Given the stronger performance from high beta sovereigns, the portfolio’s biggest detractors were in sovereigns that the portfolio was underweight in, especially in the Middle East and Africa regions. STRATEGY As we embark upon the new year, we continue to see term, we also see value in local currency bonds, which value in EM corporates, despite the recent rally, as credit could benefit from improving trade dynamics and capital metrics continue improving from the lows of Q2 2020. The flows predicated on the improving global growth backdrop. spread differential between EM HY and US HY has We feel the most attractive local opportunities are within widened out into year-end 2020, leaving attractive countries taking measured fiscal responses to the growth opportunities for spread pickup, especially in the single-B and revenue shock of the past year’s crisis. space. We see opportunities in base metals producers in both Latin America and Africa as well as some special situations in Asia and the Caribbean. The sovereign story continues to be a bit more uncertain, as countries work on controlling the high debt burdens they have taken on in the last year. We feel high yield sovereigns offer compelling valuations; however, vulnerable countries are still at risk of distress. We are more cautious on duration risk for low beta sovereigns as we see a pathway for Treasury yields to move higher during the year, without much spread cushion to absorb the move. We will look for pockets of opportunity in the investment grade space in countries that won’t be as vulnerable and where we feel fundamentally comfortable. With our view of a stable to weaker US Dollar in the near

The views presented above are MIM’s and are subject to change over time. There can be no assurance that the views expressed above will prove accurate and should not be relied upon as a reliable indicator of future events. STRATEGY CHARACTERISTICS1

Yield To Maturity (%) Effective Duration (years) Average Credit Quality Emerging Market Debt - Blend 4.78 6.63 Baa3 / BBB-

EMD Blended Index 3.69 6.21 Baa2 / BBB

SECTOR POSITIONING1

Market Value (%) Market Value (%)

Active Weight vs. Active Weight vs. REGIONS Emerging Markets REGIONS Emerging Markets EMD Blend Blended Index EMD Blend Blended Index NORTH AMERICA 5.14 4.86 EMBI 32.37 -2.63 EMERGING EUROPE 18.86 1.42 CEMBI 31.36 -3.64 LATIN AMERICA 37.87 9.37 ASIA 15.29 -16.73 GBI 29.08 -0.92 MIDDLE EAST / 22.83 1.08 CASH 7.19 7.19 AFRICA

CREDIT QUALITY DISTRIBUTION1 TOP 5 CORPORATE SECTORS1

Market Value (%) Market Value (%) RATINGS SECTORS Active Weight vs. Active Weight vs. EMD Blend Emerging Markets EMD Blend Emerging Markets Blended Index Blended Index

AAA/Cash 7.19 7.15 TMT 6.28 2.62 AA 3.57 -1.74 OIL & GAS 5.52 1.00 A 9.12 -13.11 FINANCIALS 4.41 -6.44 BBB 36.88 -1.87 UTILITIES 4.37 0.36 BB & Below 43.24 9.57 METALS & MINING 3.55 1.35

1. The characteristics displayed are for a representative account for this investment strategy. Actual account characteristics may differ. The benchmark data is that of the 35% JP Morgan EMBI Global Index, 35% JP Morgan CEMBI Broad Diversified Index, and 30% JP Morgan GBI-EM Diversified Global Index. All data above is provided for illustrative purposes only. This data is supplemental to the information required in a GIPS® compliant document. Credit ratings reflect the index provider’s credit quality methodology. Average quality excludes cash and securities that are not rated. COMPOSITE STATISTICS AND PERFORMANCE Gross-of-fee Net-of-fee Benchmark Number Of Dispersion Composite Benchmark Composite % Total Year Return RETURN Return1 Portfolios Stdv2 3 Yr Stdv3 3 Yr Stdv3 Assets Firm Assets4

11/1/2006 (Inception) to 4.83% 4.73% 1.94% ≤ 5 N/A N/A N/A $25,805,399 -- 12/31/2006 2007 9.63% 8.92% 6.27% ≤ 5 N/A N/A N/A $27,755,018 -- 2008 -17.89% -18.43% -10.91% ≤ 5 N/A N/A N/A $20,942,453 -- 2009 52.46% 51.51% 28.18% ≤ 5 N/A N/A N/A $55,056,889 -- 2010 19.91% 19.14% 12.04% ≤ 5 N/A N/A N/A $56,172,916 -- 2011 5.09% 4.53% 8.47% ≤ 5 N/A 10.70% 7.10% $143,251,272 -- 2012 27.43% 26.80% 18.54% ≤ 5 N/A 9.55% 6.53% $778,115,122 -- 2013 -4.15% -4.63% -6.58% 6 N/A 10.00% 7.81% $702,186,889 -- 2014 3.33% 2.82% 3.66% ≤ 5 N/A 8.67% 7.73% $716,788,940 -- 2015 -2.99% -3.48% -3.81% 8 N/A 7.73% 7.23% $1,767,946,450 -- 2016 14.28% 13.71% 10.04% 6 N/A 7.86% 7.05% $1,372,412,170 -- 2017 13.81% 13.25% 10.62% 8 N/A 6.85% 6.08% $2,807,561,715 -- 2018 -6.20% -6.67% -4.01% 9 N/A 7.28% 6.08% $2,254,483,728 -- 2019 14.76% 14.19% 13.71% 8 0.19% 7.01% 4.96% $2,339,318,868 <1% 2020 7.23% 6.70% 5.45% ≤ 5 N/A 13.16% 9.55% $1,688,853,457 <1%

Past performance is not indicative of future results. Please see the full GIPS® disclosures on the following page.

1. Effective July 1, 2014, the performance benchmark for the Emerging Market composite is the Emerging Market Blended Index, which is comprised of 35% JP Morgan Emerging Market Bond Index (“EMBI”) Global Index, 35% JP Morgan Corporate Emerging Market Bond Index (“CEMBI”) Broad Diversified Index, and 30% JP Morgan Government Bond Index – Emerging Market (“GBI-EM”) Diversified Global. The JP Morgan EMBI Global tracks returns for actively traded external debt instruments in emerging markets. Included in the EMBI Global are U.S. dollar denominated Brady bonds, Eurobonds, and traded loans issued by sovereign entities. Only issues with a current face amount outstanding of $500 million or more and greater than 2 1/2 years until maturity are eligible for inclusion in the index. The CEMBI Broad Diversified Index is a global benchmark for US-dollar corporate emerging market bonds and includes a specific set of emerging markets countries. It limits the weights of those index countries with larger corporate debt stocks by only including a specified portion of these countries’ eligible current face amounts of debt outstanding. The GBI-EM Index tracks local currency bonds issued by Emerging Market governments. The benchmark was changed as the Firm (as defined on the following page) believes that a blended index is a better representation of the Firm’s blended approach to managing Emerging Market strategies. From inception of the composite to June 30, 2014, the benchmark was the JP Morgan EMBI Global Index. It is not possible to invest directly in an unmanaged index. All index returns presented are provided to represent the investment environment existing during the time periods shown and will not be covered by the future report of independent verifiers. For comparison purposes, the index is fully invested and includes the reinvestment of income. The returns for the index do not include any transaction costs, management fees or other costs. 2. The dispersion of annual returns is measured by the standard deviation among asset-weighted portfolio returns represented in the composite for the full year. “N/A” is an indication that the information is not statistically meaningful due to an insufficient number of portfolios (five or fewer) in the composite for the entire year. Standard deviation is only presented for accounts managed for a full calendar year. 3. The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36 month period. The standard deviation is not presented for 2006 through 2010 because it is not required for periods prior to 2011. It is also not presented for quarter-ends. 4. Prior to July 1, 2019, the investment team was part of a prior firm. Therefore, “% Total Firm Assets” is left blank for year ends before the team joined MetLife Investment Management. For purposes of the Global Investment Performance Standards (“GIPS”) compliance, the “Firm” is defined as MetLife Investment Management (“MIM”). MIM is MetLife, Inc.’s institutional investment management business. The Firm is defined to include all accounts captured in MetLife’s Assets Under Management. On September15, 2017, MetLife, Inc. (“MetLife”) acquired Logan Circle Partners (“LCP”) and the Firm was redefined as of July 1, 2019 to include LCP in the MIM assets.

The Firm claims compliance with the Global Investment Performance Standards (“GIPS®”) and has prepared and presented this report in compliance with the GIPS® standards. MIM has been independently verified for the periods January 1, 2011 to June 30, 2019. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS® standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS® standards. Verification does not ensure the accuracy of any specific composite presentation.

The creation date of the Emerging Market Debt Blend composite is November 1, 2007 and the inception date is November 1, 2006. Prior to July 1, 2019, the performance of the composite represents the performance that occurred while members of the management team were affiliated with prior firms. The composite has been examined for the periods November 1, 2007 to June 30, 2019 while at another firm. The prior firm, LCP, was verified for the periods November 1, 2007 to June 30, 2019. The verification and performance examination reports are available upon request.

The Emerging Market Debt Blend strategy seeks to outperform the global fixed income market by investing in a combination of global fixed income assets in three primary opportunities: currency risk, credit risk and country risk. Derivatives may make up a part of the Emerging Market Debt Blend strategy, as the Firm utilizes futures, forwards and interest rate swaps in its efforts to manage risk, rather than for speculative purposes. Effective March 31, 2020, the composite name was changed from Emerging Market Debt to Emerging Market Debt Blend. The composite includes all fee-paying portfolios managed on a discretionary basis according to the applicable composite strategy except as otherwise excluded herein. The Firm maintainsthe se policies and a complete list and description of composites which are available upon request. Policies for valuing portfolios, calculating performance and preparing compliant presentations are available upon request.

Effective August 1, 2020, the Firm removes accounts that have a significant daily external aggregate cash flow greater than 10% or monthly flow greater than 20%. Between May 1, 2020 and July 31, 2020, there was no significant cash flow policy for this composite. From January 1, 2014 until April 30, 2020, the Emerging Market Debt Blend composite had a significant cash flow policy which was applied consistently and within GIPS® standards. The Firm chose to remove accounts that had a significant daily external aggregate cash flow greater than 10% or monthly flow greater than 20%. If any account met these thresholds, then the account was removed from the composite. Aggregate cash flow is defined as additions plus withdrawals over the period. Accounts were removed in the month of the significant cash flow. If the significant cash flow was client directed requiring security liquidation that materially affected account management, the Firm removed the account the month of security liquidations. The account was reinstated to the composite once the portfolio manager had determined that the flow had not impacted the management of the account and the account was invested as per the strategy. From August 1, 2011 to April 30, 2012 the Emerging Market Debt Blend composite had a significant cash flow policy whereby the Firmchose to remove accounts that had a significant monthly external aggregate cash flow greater than 10%. Prior to August 1, 2011 there was no significant cash flow policy.

Effective July 1, 2014, the performance benchmark for the Emerging Market Debt Blend composite is the Emerging Market BlendedIndex, which is comprised of 35% JP Morgan Emerging Market Bond Index (“EMBI”) Global Index, 35% JP Morgan Corporate Emerging Market Bond Index (“CEMBI”) Broad Diversified Index, and 30% JP Morgan Government Bond Index – Emerging Market (“GBI-EM”) Diversified Global. The JP Morgan EMBI Global tracks returns for actively traded external debt instruments in emerging markets. Included in the EMBI Global are U.S. dollar denominated Brady bonds, Eurobonds, and traded loans issued by sovereign entities. Only issues with a current face amount outstanding of $500 millionor more and greater than 2 1/2 years until maturity are eligible for inclusion in the index. The CEMBI Broad Diversified Index is a global benchmark for US-dollar corporate emerging market bonds and includes a specific set of emerging markets countries. It limits the weights of those index countries with larger corporate debt stocks by only including a specified portion of these countries’ eligible current face amounts of debt outstanding. The GBI-EM Index tracks local currency bonds issued by Emerging Market governments. The benchmark was changed as the Firm believes that a blended index is a better representation of the Firm’s blended approach to managing Emerging Market strategies. From inception of the composite to June 30, 2014, the benchmark was the JP Morgan EMBI Global Index. It is not possible to invest directly in an unmanaged index. All index returns presented are provided to represent the investment environment existing during the time periods shown and will not be covered by the future report of independent verifiers. For comparison purposes, the index is fully invested and includes the reinvestment of income. The returns for the index do not include any transaction costs, management fees or othercosts.

Returns are based on fully discretionary accounts under management and may include terminated accounts. The dispersion of annual returns is measured by the standard deviation among asset-weighted portfolio returns represented within the composite for the full year. Dispersion is not calculated for composites with five or fewer accounts for the whole period.

Performance returns are presented gross and net of fees, include the reinvestment of all income and are calculated in U.S. dollars. Dividend income has been recorded net of all applicable foreign withholding taxes. Returns calculated gross of fees do not reflect the deduction of our investment management fees. Individual client returns will be reduced by investment management fees and other expenses that the account may incur. The investment management fee schedule for the Emerging Market Debt Blend strategy is 0.50% on the first $50 million, 0.45% on amounts from $50 million to $150 million and 0.40% on amounts over $150 million. Net returns have been calculated by reducing the monthly gross returns by thehighest stated ADV fee for the strategy. From inception date to March 2011, the highest stated ADV fee used to calculate monthly net returns was 0.65%. From April 2011 to the present the highest statedADV fee is 0.50%. Investment management fees are described in Part 2A of the Firm’s Form ADV. Individual client returns will be reduced by investment management fees and other expenses that the account may incur. Fees have a compounding effect on cumulative results. Actual investment management fees incurred by clients may vary.

Past performance is not indicative of future results. The information presented is only available for institutional client use. General Disclosures This document is intended for institutional investor, qualified professional investor and financial professional use only. Not suitable for use with general retail public. This document has been prepared by MetLife Investment Management, LLC (formerly, MetLife Investment Advisors, LLC), a U.S. Securities Exchange Commission-registered investment adviser. MetLife Investment Management, LLC is a subsidiary of MetLife, Inc. and part of MIM.1 Registration with the SEC does not imply a certain level of skill or that the SEC has endorsed the investment adviser. This document is not directed at persons in any other jurisdiction where the access to the information may be contrary to applicable law or regulation. This document has been provided solely for informational purposes and does not constitute a recommendation regarding any investments or the provision of any investment advice, or constitute or form part of any advertisement of, offer for sale or subscription of, solicitation or invitation of any offer or recommendation to purchase or subscribe for any securities or investment advisory services. Unless otherwise specified, the information and opinions presented or contained in this document are provided as of the quarter end noted herein. It should be understood that subsequent developments may affect the information contained in this document materially, and MIM shall not have any obligation to update, revise or affirm. It is not MIM’s intention to provide, and you may not rely on this document as providing, a complete or comprehensive analysis of MIM’s investment strategies or investment recommendations. United Kingdom and the European Economic Area This material is issued by MetLife Investment Management Limited (“MIML”) which is authorized and regulated in the United Kingdom by the Financial Conduct Authority under no. 623761, registered address Level 34 1 Canada Square London E14 5AA United Kingdom. This document is issued by MIML only to persons who are qualify as a Professional Client as defined in Directive 2014/65/EU (MiFID II). Japan This information is issued by MetLife Asset Management Corp. (“MAM”) which is a registered Financial Instruments Business Operator (“FIBO”) conducting Investment Advisory Business, Investment Management Business and Type II Financial Instruments Business under the registration entry “Director General of the Kanto Local Finance Bureau (Financial Instruments Business Operator) No. 2414” pursuant to the Financial Instruments and Exchange Act of Japan (“FIEA”), and a regular member of the Japan Investment Advisers Association and the Type II Financial Instruments Firms Association of Japan. In its capacity as a discretionary investment manager registered under the FIEA, MAM provides investment management services and also sub-delegates a part of its investment management authority to other foreign investment management entities within MIM in accordance with the FIEA. This document is only being provided to investors in Japan who are Qualified Institutional Investors (tekikaku kikan toshika) as defined in Article 10 of Cabinet Office Ordinance on Definitions Provided in Article 2 of the FIEA. Hong Kong S.A.R. This document is issued by MetLife Investments Asia Limited (“MetLife Asia”) for the purposes of providing information on certain securities and securities related services legally permissible to be provided by MetLife Asia in Hong Kong S.A.R to “professional investors” as defined under the Securities and Futures Ordinance (Cap. 571 of the laws of Hong Kong S.A.R.) [and any subsidiary legislation made thereunder] and is intended for and directed at “professional investors” (as defined above) only. To the extent legally permissible, in providing such securities and securities related services, MetLife Asia may enter into a sub-advisory arrangement with an affiliate whereby such affiliate acts as a sub-advisor to MetLife Asia. MetLife Investments Asia Limited (CE No. ADY079) is licensed by the Securities and Futures Commission of Hong Kong S.A.R. under the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong S.A.R.) to carry on a business in Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities in Hong Kong S.A.R., and may only provide its services to persons who are “professional investors” (as defined above). The content of this document has not been reviewed or approved by any regulatory authority in Hong Kong S.A.R. If you are in any doubt about any of the content in this document, you should obtain independent professional advice.” Australia If you are accessing this document from Australia, you represent and warrant that you are a “wholesale client” as defined in section 761G of the Corporations Act 2001 (Cth) (the Act). MetLife Investment Management, LLC (“MIM, LLC”) is exempt from the requirement to hold an Australian financial services license under the Act in respect of the financial services it provides to Australian clients. MIM, LLC is regulated by the SEC under United States laws, which differ from Australian laws. The information in this document is not financial product advice and should not be regarded as such and does not take account of your objectives, financial situation or needs. You should seek advice in relation to your personal situation. If you are a resident of, or are present in, any jurisdiction not listed above, you represent and warrant that you are (or are acting on behalf of) a Professional Investor or equivalent under the applicable regulation of your jurisdiction; you are knowledgeable regarding, and have expertise in making, investments; and you make investments as a regular part of your business. No money, securities or other consideration is being solicited. No invitation is made by this document or the information contained herein to enter into, or offer to enter into, any agreement to purchase, acquire, dispose of, subscribe for or underwrite any securities or structured products, and no offer is made of any shares in or debentures of a company for purchase or subscription. Prospective clients are encouraged to seek advice from their legal, tax and financial advisors prior to making any investment. Past performance is not indicative of future results. No representation is being made that any investment will or is likely to achieve profits or losses or that significant losses will be avoided. There can be no assurance that investments similar to those described in this document will be available in the future and no representation is made that future investments managed by MIM will have similar returns to those presented herein. All information has been presented in U.S. dollars. Actual returns may increase or decrease due to currency fluctuations. No reliance, no update and use of information. You may not rely on this document as the basis upon which to make an investment decision. To the extent that you rely on this document in connection with any investment decision, you do so at your own risk. This document is being provided in summary fashion and does not purport to be complete. The information in this document is as of the date indicated on the cover of this document unless otherwise specified and MIM does not intend to update the information after its distribution, even in the event that the information becomes materially inaccurate. Certain information contained in this document includes performance and characteristics of MIM’s by independent third parties, or have been prepared internally and have not been audited or verified. Use of different methods for preparing, calculating or presenting information may lead to different results for the information presented, compared to publicly quoted information, and such differences may be material. Risk of loss. An investment in the strategy described herein is speculative and there can be no assurance that the strategy’s investment objectives will be achieved. Investors must be prepared to bear the risk of a total loss of their investment. Your capital is at risk, Investing in the strategies discussed herein are subject to various risks which must be considered prior to investing. These risks may include, but are not limited to Liquidity Risk, Interest Rate Risk, Credit Risk, Prepayment Risk, Currency Risk, Political Risk and Counterparty Risk No tax, legal or accounting advice. This document is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Any statements of U.S. federal tax consequences contained in this document were not intended to be used and cannot be used to avoid penalties under the U.S. Internal Revenue Code or to promote, market or recommend to another party any tax-related matters addressed herein. Forward-Looking Statements. This document may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward Forward-looking statements give expectations or forecasts of future events . These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words and terms such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will,” and other words and terms of similar meaning, or are tied to future periods in connection with a discussion of future performance. Forward -looking statements are based MIM’s assumptions and current expectations, which may be inaccurate, and on the current economic environment which may change. These statements are not guarantees of future performance. They involve a number of risks and uncertainties that are difficult to predict. Results could differ materially from those ex expressed or implied in the forward forward- looking statements. Risks, uncertainties and other factors that might cause such differences include, but are not limited to: (1) difficult conditions in the global capital markets; (2) changes in general economic conditions, including changes in interest rates or fiscal policies; (3) changes in the investment environment; (4) changed co conditions in the securities or real estate markets; and (5) regulatory, tax and political changes. MIM does not undertake any obligation to publicly correct or update any forward forward-looking statement if it later becomes aware that such statement is not likely to be achieved.

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2020, J.P. Morgan Chase & Co. All rights reserved.

1. As of September 30, 2020. Subsidiaries of MetLife, Inc. that provide investment management services to MetLife’s general account, separate accounts and/or unaffiliated/third party investors include Metropolitan Life Insurance Company, MetLife Investment Management, LLC, MetLife Investment Management Limited, MetLife Investments Limited, MetLife Investments Asia Limited, MetLife Latin America Asesorias e Inversiones Limitada, MetLife Asset Management Corp. (Japan), and MIM I LLC.